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AMENDMENT #1 TO
MANAGEMENT CONTINUITY AGREEMENT
This
Amendment #1 to Management Continuity Agreement (the
“Amendment”) is entered into as of the 31st day of
December, 2008 between Monarch Community Bancorp, Inc., a Maryland
corporation (the “Company”), and Rebecca S. Crabill
(“Executive”).
WHEREAS , the Executive is currently employed by the
Company’s affiliate, Monarch Community Bank (the
“Bank”), as its Senior Vice President and Chief
Financial Officer; and
WHEREAS, the Company and Executive have previously entered
into a Management Continuity Agreement dated February 21, 2008
(the “Agreement”) to provide certain security to
Executive in connection with a change in control of the Company or
the Bank and hereby wish to amend the Agreement to satisfy the
requirements of Section 409A of the Internal Revenue Code
(“Section 409A”); and
WHEREAS, except as otherwise provided in this Amendment, the
Agreement shall continue in full force and effect.
NOW, THEREFORE , in consideration of the mutual covenants
and promises contained herein, and other good and valuable
consideration, the receipt of which is hereby acknowledged, the
parties hereto agree as follows:
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1.
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The
last sentence of Section 3.3 of the Agreement is amended to
provide as follows:
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The preceding
events shall only provide the basis for “Good Reason”
if Executive provides notice of such events with
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